Ageing Workforce 2006 Report. Asia Pacific
|
|
- Julianna Mitchell
- 5 years ago
- Views:
Transcription
1 Ageing Workforce 2006 Report TM Asia Pacific W W W. W A T S O N W Y A T T. C O M
2
3 Asia Pacific Ageing Workforce TM study Watson Wyatt Asia Pacific s Ageing Workforce TM study Asia Pacific s demographic transformation By 2050, Asia Pacific will be home to most of the world s elderly people, with 998 million people aged 60 and above. In Asia s most developed countries this phenomenon will be at its most dramatic: for example, in Singapore the proportion of the population over age 50 is set to increase from 23% to 50% over the next 25 years. Many employers in Asia Pacific already experience a shortage of skilled labor, so the implications for the future workforce are serious. Employers will need to focus far more attention on attracting and retaining older workers. Asia Pacific's demographic transformation Percentage of population aged 50 and above 70.00% Year 2000 Year 2030 Year % 50.00% 40.00% 30.00% 28% 20.00% 10.00% 43% 40% 19% 37% 45% 25% 52% 59% 14% 24% 33% 14% 28% 36% 20% 46% 53% 13% 23% 30% 11% 21% 30% 19% 50% 57% 21% 42% 48% 18% 38% 45% 16% 31% 38% 0.00% Australia China Source: U.S. Census Bureau Hong Kong Indonesia South Korea Malaysia Philippines Singapore Taiwan Thailand Total Ageing Workforce is the largest ever pan Asia Pacific study of employers views on the region s changing demographics and the outlook for healthcare and retirement benefits. Our study was conducted from December 2005 to June 2006 with 2,332 major employers participating in Australia, China, Hong Kong,, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan and Thailand. Asia Pacific is growing more affluent as it grows older. Expectations of retirement income and healthcare are increasing. Governments throughout the region have run the numbers and realize that they will not be able to provide comprehensive social security benefits without significant increases in taxation. So will employers pick up the bill for higher pensions and leading edge healthcare? They may have to. The older workforces of the future will place a higher value on their retirement and healthcare benefits than is the case today. The Ageing Workforce study provides important information on how Asia Pacific s leading employers view these trends. 1
4 Asia Pacific Ageing Workforce TM study Economic impact The United Nations has identified global ageing as one of the top three socio-economic issues facing Planet Earth in the 21 st century (together with global warming and global terrorism). Our study discovered a high level of employer awareness of the issue: 64% of employers across Asia Pacific believe that ageing wil1 have a serious economic impact. Will Ageing Have a Serious Impact? Percentage of respondents who believe that ageing will seriously impact society and the economy Asia Pacific Australia China Hong Kong Indonesia Malaysia Philippines Singapore South Korea Taiwan Thailand Source: Watson Wyatt Worldwide 46% 51% 50% 64% 73% 59% 69% 76% 58% 70% 68% 84% The Ageing Workforce study shows that employers are most concerned about labor shortages and escalating social security and employee benefit costs. They believe that the greatest HR challenge of the coming decades will be to enhance workforce productivity as the availability of skilled workers declines. Employers from Asia Pacific s most developed countries believe that the most important actions necessary to adapt to an ageing workforce are enhanced training and development, together with later retirement. In, which suffers from large-scale unemployment and underemployment, employers believe that increasing the workforce participation rate is the top issue. In China, which is ageing more rapidly than other developing countries and of course has a huge manufacturing sector, employers believe that greater use of technology will be the primary defense against a shortage of skilled workers. Although the whole of Asia Pacific is ageing, it is developed Asia (Japan, South Korea, Australia, Hong Kong, Singapore) that will most immediately experience workforce shortages, unless these economies can become more flexible in keeping their productive older workers in employment. Conversely, Indonesia, Malaysia and the Philippines will have a demographic advantage over other countries in the region. We expect that offshoring will continue to gain momentum, with the focus shifting from seeking cost savings towards finding talent that is just not available at home. Whether the relative demographic advantage of developing Asia can be turned into economic advantage is not certain. Significant investment in education will be needed to increase the proportion of the workforce that can be 2
5 Asia Pacific Ageing Workforce TM study integrated into the global economy. The Ageing Workforce study indicated a degree of pessimism that this can be achieved. For example, in the Philippines most employers believe that population growth is the most significant demographic issue facing their nation; implying that the Philippines growing population will be a fiscal strain rather than a source of competitive advantage. Working longer Keeping employees aged in their 60s, 70s and upwards in the workforce may prove to be easier than it appears today. Most of us would like to retire early, but are we sure we can afford to do so? Life expectancy in most of Asia Pacific is already well into the 80s and continues to increase. Medical opinion is divided on the natural limit to human life (some scientists claim it could be as high as 140) but there is consensus that increasing numbers of us will live to be 100 or more. We are going to have to start thinking differently about the way that we plan our lives accumulating sufficient assets by age 60 to enjoy a comfortable retirement for another 40 years will be very challenging. Smaller families and changing social trends mean that a generation that has supported its own elderly parents may not be able to rely on the financial support of the following generation. The only alternative will be to work longer, interspersed with periods of mid-life education and retraining to maintain employability. As employees grow older, the implications of living and working longer come into sharper focus. The Ageing Workforce study shows very clearly that employers believe retirement benefits will become more important in future. Salaries and other cash compensation will clearly remain very important in attracting the workers of the future just as they do today. But the Ageing Workforce TM study infers that in future the balance between cash and benefits will shift somewhat in Asia Pacific. We already see this in the US, for example, retired workers seeking second careers because of the need to maintain medical insurance coverage. Retirement benefits matter more to an ageing workforce Percentage who believe employees' appreciation of retirement benefits will increase Asia Pacific Australia China Hong Kong Indonesia Malaysia Philippines Singapore South Korea Taiwan Thailand 40% 66% 67% 59% 65% 58% 65% 56% 84% 81% 77% 74% Source: Watson Wyatt Worldwide The first signs of this trend are emerging in respect of executive benefits. In many Asian countries, the cash compensation of senior management has reached global levels but benefits, especially retirement benefits, have not. In much of Asia Pacific, top management talent is in short supply. Since executives are generally older then the workforces they manage, employers that have experienced high turnover at senior levels are looking at the potential 3
6 Asia Pacific Ageing Workforce TM study for designing retirement benefits that put more accumulated savings at risk so that leaders have more reason to think twice before leaving the company. Employers will have to pay more The Ageing Workforce study found that, right across Asia Pacific, employers believe that healthcare is the benefit to which their employees currently attach the greatest importance. Which benefits do your employees value most? Average across all countries Supplementary healthcare benefits 53% Supplementary retirement benefits 50% Financial protection benefits (life/disability insurance, etc) Post-retirement healthcare benefits 30% 29% Longer annual leave Benefits for immediate consumption (such as health club membership, cars, 18% 23% Source: Watson Wyatt Worldwide However employers are highly pessimistic about the sustainability of existing publicly financed healthcare systems. It seems unlikely that their employees are going to accept reductions in healthcare benefits and so employers will ultimately have to pick up the bill if they are to retain the workers they need. Unsustainable healthcare benefits? Percentage of respondents who believe existing statutory healthcare system is unsustainable Asia Pacific Australia China Hong Kong Indonesia Malaysia Philippines Singapore South Korea Taiwan Thailand 23% 34% 50% 61% 45% 58% 64% 54% 62% 60% 63% 50% Source: Watson Wyatt Worldwide The increasing cost of publicly financed retirement benefits is of some concern in Australia, China, Japan and South Korea, although none of these countries has a problem on the scale of many European countries. The bigger issue is that benefits from social security systems (for example China s social insurance system) and mandatory employer benefits (such as Singapore s CPF and Hong Kong s MPF) will not provide the retirement security that people are 4
7 Asia Pacific Ageing Workforce TM study expecting. The Ageing Workforce TM study shows a very high level of realism from employers: statutory benefits alone will not provide an adequate retirement income for their employees. Inadequate retirement provision Percentage of employers believing statutory retirement benefits are adequate Asia Pacific Australia China Hong Kong Indonesia Malaysia Philippines Singapore South Korea Taiwan Thailand 2% 13% 16% 18% 27% 24% 25% 26% 35% 40% 44% 48% Source: Watson Wyatt Worldwide Recent years have seen a wave of legislation across Asia Pacific starting to address the need for higher retirement savings: Australia: Superannuation Guarantee requires employers to contribute to retirement funds. Hong Kong: Mandatory Provident Fund introduced in China: Enterprise Annuity legislation of 2004 encourages employers to provide pensions that supplement social security benefits. South Korea: Employee Retirement Benefit Security Act of 2005 allows employers to provide a pension plan on a tax advantaged basis. Taiwan: The Labor Pension Act introduced a mandatory defined contribution plan in Thailand: A mandatory provident fund is proposed for The message is loud and clear: Governments across Asia Pacific believe that additional retirement provision is necessary but employers will have to pay most of the additional cost. The rising cost of healthcare Employers in the US spend a staggering US$ 500 billion each year on healthcare benefits and insurance premiums. Costs in Asia Pacific are currently more manageable due to public healthcare systems, lower treatment costs and, in some countries, lower expectations of the level of treatment that employers are expected to cover. However employer healthcare costs in Asia Pacific are growing well in excess of consumer price inflation (15% year-on-year increases on average across the region since 2002). In Asia s developing countries, the distribution of deaths is shifting rapidly from communicable diseases, such as malaria, to non-communicable diseases, such as heart disease and cancer. The latest drugs and new technologies are being introduced globally, not only in the US. 5
8 Asia Pacific Ageing Workforce TM study The OECD projects that the proportion of GDP represented by healthcare spending will nearly double in the world s developed nations from 6.7% of GDP today to 12.8% by Public healthcare systems will not be able to finance such increases and so it seems inescapable that healthcare will become a major element of total employment cost in Asia Pacific in future, as it is in the US now. U.S. Dollars Rising healthcare costs in Asia Pacific Total healthcare expenditure per capita Source: WHO, 2006 Year Supplementary retirement and healthcare trends The Ageing Workforce study shows that most employers in Asia Pacific already provide benefits over and above public healthcare provision (the main exceptions being Australia and Japan which have comprehensive and high quality publicly financed systems). Supplemental healthcare Percentage of companies that offer supplementary healthcare benefits Asia Pacific Australia China Hong Kong Indonesia Malaysia Philippines Singapore South Korea Taiwan Thailand 12% 44% 64% 66% 63% 64% 66% 75% 81% 76% 82% 75% Source: Watson Wyatt Worldwide A highly significant proportion, 40%, of companies are reviewing a proposal to introduce or improve supplementary healthcare benefits. However, concern about escalating costs is also evident, with 30% of employers intending to 6
9 Asia Pacific Ageing Workforce TM study introduce a program to actively manage healthcare costs (in particular reducing insurance claims with the aim of cutting future premiums) over the next 2 years. Provision of retirement benefits over and above mandatory levels is less prevalent with only 35% of employers across the region currently doing so. However 23% of employers are actively reviewing their retirement provision. Supplemental retirement provision Percentage of companies that offer non-mandatory retirement benefits Asia Pacific Australia China Hong Kong Indonesia Malaysia Philippines Singapore South Korea Taiwan Thailand 7% 10% 20% 25% 23% 31% 35% 37% 41% 53% 59% 67% Source: Watson Wyatt Worldwide Ageing and the corporate bottom line As Asia Pacific grows older, the need for expanding retirement and healthcare provision will become all too evident. The Ageing Workforce TM study shows that employers are highly aware of this and the cost pressures that it will bring. Employers do not generally believe they have a moral obligation to assume full responsibility for their employees: across Asia Pacific only 35% of employers believe they have such an obligation (ranging from only 5% in Singapore to 56% in and the Philippines). Their primary concern has to be the impact of an ageing workforce on the bottom line what will motivate older workers most effectively? Watson Wyatt s principal conclusion from the Ageing Workforce TM study is that the driver for increasing employer retirement and healthcare provision will be the changing priorities of their employees. Most people in Asia Pacific have insufficient retirement savings and everyone wants the best healthcare that money can buy for their families. As we get older, our focus on these financial realities gets sharper. Watson Wyatt s research in the US shows that providing benefits that address employees fears of under providing for themselves and their families has a measurable impact on reducing attrition. So in an ageing workforce, that s going to be an increasingly important business advantage to have. Bob Charles, Head of Employee Benefits Consulting, Asia Pacific bob.charles@watsonwyatt.com Dr. Doreen Thang, Director, Watson Wyatt Asia Pacific Research and Innovation Centre doreen.thang@watsonwyatt.com August
10
11 WATSON WYATT ASIA-PACIFIC OFFICES Vice President & Regional Managing Director Dr Chuly Lee ASEAN ASEAN Managing Director Andrew Heard BANGKOK Watson Wyatt (Thailand) Ltd 6/F Gaysorn Place 999 Ploenchit Rd, Pathumwan Bangkok 10330, Thailand Tel: (66) Fax: (66) Manager: Tayat Sriplung JAKARTA PT Watson Wyatt Indonesia Menara DEA Building 2 nd Floor Jl. Mega Kuningan Barat Kav. E.4.3 No. 1 Jakarta 12950, Indonesia Tel: (62) /6 Fax: (62) Manager: Lilis Halim lilis.halim@watsonwyatt.com KUALA LUMPUR Watson Wyatt (Malaysia) Sdn. Bhd. 18/F Menara Uni.Asia 1008 Jalan Sultan Ismail Kuala Lumpur 50250, Malaysia Tel: (60) Fax: (60) Manager: Eustace Gomez eustace.gomez@watsonwyatt.com MANILA Watson Wyatt Philippines, Inc. 21/F Tower 1, The Enterprise Center 6766 Ayala Avenue, Makati City Philippines 1200 The Philippines Tel: (63) Fax: (63) Officer in charge: Rachelle C. Arcebal rachelle.arcebal@watsonwyatt.com SINGAPORE Watson Wyatt Singapore Pte Ltd 9 Raffles Place #17-21 Republic Plaza II Singapore Tel: (65) Fax: (65) Manager: Kwan Chee Wei cheewei.kwan@watsonwyatt.com AUSTRALIA MELBOURNE Watson Wyatt Australia Pty Ltd Level 4, 1 Collins Street Melbourne, Victoria 3000, Australia Tel: (61) Fax: (61) Manager: Andrew Boal andrew.boal@watsonwyatt.com.au SYDNEY Watson Wyatt Australia Pty Ltd Level 14, 60 Margaret Street Sydney, New South Wales 2000, Australia Tel: (61) Fax: (61) Manager: Andrew Boal andrew.boal@watsonwyatt.com.au INDIA BANGALORE Watson Wyatt Pvt Ltd Prestige Meridian- I Unit 810, 8th Floor M.G. Road Bangalore Tel: (91) Fax: (91) Manager: Anita Belani anita.belani@watsonwyatt.com KOLKATA Watson Wyatt Pvt Ltd 2 nd Floor, Merlin Links 166B S P Mukherjee Road Kolkata , West Bengal Tel: (91) Fax: (91) Manager: Liyaquat Khan Liyaquat.khan@watsonwyatt.com MUMBAI Watson Wyatt Pvt Ltd Solitaire Corporate Park Building No. 5, 1 st Floor Andheri-Kurla Road Andheri (East) Mumbai , Tel: (91) / Fax: (91) Manager: Anita Belani anita.belani@watsonwyatt.com DELHI (Gurgaon) Watson Wyatt Insurance Consulting Pvt Ltd JMD Regent Square 9th Floor, Mehrauli Gurgaon Road Gurgaon , Tel: (91) Fax: (91) Manager: Melanie Puri Melanie.puri@watsonwyatt.com NORTH ASIA SEOUL Watson Wyatt Korea 15th Floor, Kyung-Am Building Samsung-Dong, Kangnam-gu Seoul , Korea Tel: (82) Fax: (82) Manager: Gwang Soon Kim GS.Kim@watsonwyatt.com TOKYO Watson Wyatt K.K. Ichigaya Tokyu Bldg. 8F Kudankita, Chiyoda-ku Tokyo Japan Tel: (81) Fax: (81) /7350 Contact webmaster@watsonwyatt.co.jp GREATER CHINA Greater China Managing Consultant Patrick Huang patrick.huang@watsonwyatt.com BEIJING Watson Wyatt Consultancy (Shanghai) Ltd, Beijing Branch 5/F, South Tower, Beijing Kerry Center 1 Guanghua Road, Chaoyang District Beijing , China Tel: (86) /2/3 Fax: (86) General Manager: Jim Leininger jim.leininger@watsonwyatt.com HONG KONG Watson Wyatt Hong Kong Ltd 29/F., Sun Hung Kai Centre 30 Harbour Road, Hong Kong Tel: (852) Fax: (852) /7700 Office Manager and Asia Pacific Regional Retirement Practice Leader: Bob Charles bob.charles@watsonwyatt.com SHANGHAI Watson Wyatt Consultancy (Shanghai) Ltd 1515 Nanjing Road West 11th Floor, Kerry Center Shanghai , China Tel: (86) Fax: (86) General Manager: Alan Wang alan.wang@watsonwyatt.com SHENZHEN Watson Wyatt Consultancy (Shanghai) Ltd, Shenzhen Branch Room , Zhuo Yue Building 98 Futian Central Zone Shenzhen , China Tel: (86) Fax: (86) General Manager: Eugenie Lai eugenie.lai@watsonwyatt.com TAIPEI Watson Wyatt & Company, Taiwan Branch 5F, 205 Tun Hwa North Road Taipei 105, Taiwan Republic of China Tel: (886) Fax: (886) General Manager: Charles Wang charles.wang@watsonwyatt.com WUHAN Watson Wyatt Wuhan 18th Floor Wisdom Valley Building Luoyu Road East Lake Development District Wuhan , China Tel: (86) Fax: (86) Manager: Xiaoxi Liu xiaoxi.liu@watsonwyatt.com
12 ABOUT WATSON WYATT WORLDWIDE ABOUT THE ASIA-PACIFIC RESEARCH AND INNOVATION CENTRE Watson Wyatt is a global consulting firm focused on human capital and financial management. We specialise in four areas: employee benefits, human capital strategies, technology solutions, and insurance and financial services. We combine human capital and financial expertise to deliver business solutions that drive shareholder value. Our consulting is grounded in the most extensive research in the business. This translates into unique perspectives and forward-thinking solutions. The Asia-Pacific Research and Innovation Centre (ARIC) is a dedicated centre set up to serve as Asia- Pacific s focal point for human capital, benefits, investment and financial services research. Complementing prominent research efforts by other research centres in the USA, Canada and UK, ARIC is committed to supporting research-based consultancy by Watson Wyatt Worldwide through assisting companies create value in their own organisations. Watson Wyatt has approximately 6,000 associates in 30 countries.
13
14 Consulting Offices ASIA-PACIFIC AUSTRALIA Melbourne Sydney GREATER CHINA Beijing Hong Kong Shanghai Shenzhen Taipei Wuhan INDIA Delhi Kolkata Mumbai Bangalore INDONESIA Jakarta JAPAN Tokyo MALAYSIA Kuala Lumpur PHILIPPINES Manila SINGAPORE SOUTH KOREA Seoul THAILAND Bangkok CANADA Calgary Montréal Toronto Vancouver Kitchener-Waterloo EUROPE BELGIUM Brussels FRANCE Paris GERMANY Düsseldorf Frankfurt Munich HUNGARY Budapest IRELAND Dublin ITALY Milan Rome NETHERLANDS Amsterdam Eindhoven Rotterdam Nieuwegein Purmerend PORTUGAL Lisbon SPAIN Madrid SWEDEN Stockholm SWITZERLAND Zürich UNITED KINGDOM Birmingham Bristol Edinburgh Leeds London Manchester Redhill Reigate Welwyn UNITED STATES Phoenix Irvine Los Angeles San Diego San Francisco Santa Clara Denver Stamford Connecticut Miami Atlanta Honolulu Chicago Boston Detroit Grand Rapids Minneapolis St. Louis Teaneck New York Charlotte Las Vegas Cincinnati Clevelan Columbus Lake Oswego (Portland) Philadelphia Memphis Dallas Houston Arlington Seattle Washington DC Corporate Offices Washington, D.C, USA Reigate, England Copyright Watson Wyatt Worldwide All rights reserved. LATIN AMERICA ARGENTINA Buenos Aires BRAZIL São Paulo CHILE Santiago COLOMBIA Bogota MEXICO Mexico City PUERTO RICO (U.S.) San Juan URUGUAY Montevideo 36
Ageing Workforce 2006 Report. Malaysia
Ageing Workforce 2006 Report TM Malaysia W W W. W A T S O N W Y A T T. C O M Dear Colleague: AGEING WORKFORCE 2006 is one of the largest ever pan-asia Pacific studies focusing on corporations strategic
More informationWatson Wyatt Worldwide Fiscal 2007 Presentation
watsonwyatt.com Watson Wyatt Worldwide Fiscal 2007 Presentation Forward-looking statements Forward looking statements During the course of this presentation, management may make forward-looking statements,
More informationwatsonwyatt.com Compensation Discussion and Analysis Scorecard
Compensation Discussion and Analysis Scorecard The Securities and Exchange Commission s (SEC) proxy disclosure rules, effective for 2007 proxy filings, require extremely detailed and complicated disclosures
More informationReal Estate Investment Beyond(?) the Global Credit Crisis
Real Estate Investment Beyond(?) the Global Credit Crisis James Valente (james.valente@ipd.com) Director, North America November 29 th 2011 2011 ipd.com Overview Variation in regional trends Global investment
More informationMadrid, October Comparative Analysis of Salaries in Investment Banking in Spain
Madrid, October 2007 Comparative Analysis of Salaries in Investment Banking in Spain 1 CONTENTS: Comparative Analysis of Salaries in Investment Banking in Spain 1 2 3 4 Executive Summary Study Results
More informationBank of America Merrill Lynch Global Securities Operations
CPA Contact Lists Audit Confirmation Contact List Effective as of June 1, 2018 Domestic Account Type Address Phone Number Bank of America Domestic Deposit Accounts Bank of America Commercial Non-Syndicated
More informationFranklin Templeton Investments Our Global Perspective
Greg Johnson Chief Executive Officer Franklin Resources, Inc. Franklin Templeton Investments Our Global Perspective Dealer Use Only / Not for Distribution to the Public World-Class Investment Management
More informationOpportunities for Action in Financial Services. Crafting New Approaches to Offshore Markets
OffshoreMarkets 12/8/03 2:55 PM Page 1 Opportunities for Action in Financial Services Crafting New Approaches to Offshore Markets Crafting New Approaches to Offshore Markets The European offshore-wealth
More informationGlobal Real Estate Investments Opportunities and Risks in the Late Stage of the Cycle. Wolfgang Kubatzki, Managing Director, Scope Investor Services
Global Real Estate Investments Opportunities and Risks in the Late Stage of the Cycle Wolfgang Kubatzki, Managing Director, Scope Investor Services Global Real Estate Investments Current Situation Structural
More informationIPD Global Annual Property Index launch 15 April 2013
IPD Global Annual Property Index launch 1 April 213 213 Investment Property Databank Ltd. All rights reserved. ipd.com 1 IPD Global Annual Property Index launch Presenters and panel members Presenters
More informationThe Cost of Capital Navigator. The New Online Resource for Estimating Cost of Capital
The Cost of Capital Navigator The New Online Resource for Estimating Cost of Capital DUFF & PHELPS Duff & Phelps is the global advisor that protects, restores and maximizes value for clients in the areas
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY. Guidelines on Recognized Exchanges
Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Recognized Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation ( the Regulation
More informationGLOBAL PERSPECTIVES ON RISK & RETURN
GLOBAL PERSPECTIVES ON RISK & RETURN Considerations for effective investment strategy Simon Fairchild, Executive Director, MSCI 29 November 216 216 MSCI Inc. All rights reserved. Please refer to the disclaimer
More informationGlobal Real Estate Outlook
Global Real Estate Outlook Jeremy Kelly Global Research David Green-Morgan Global Capital Markets Research 7 August 2014 Global Real Estate Market Outlook Jeremy Kelly Director, Global Research Jeremy.Kelly@eu.jll.com
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY
Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Approved Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation ( the Regulation )
More informationNEUBERGER BERMAN Environmental, Social and Governance Policy
NEUBERGER BERMAN Environmental, Social and Governance Policy SEPTEMBER 2017 OUR FIRM Founded in 1939, Neuberger Berman is a private, 100% independent, employee-owned investment manager. From offices in
More informationSupplemental Information Fourth Quarter 2011 Earnings Call
Supplemental Information Fourth Quarter 2011 Earnings Call Market & Financial Overview Capital Values Q4 2010 Shanghai, Washington DC, London Singapore Q4 2011 Hong Kong Shanghai Beijing Milan, New York
More informationIT ONLY TAKES ONE INDEX TO CAPTURE THE WORLD THE MODERN INDEX STRATEGY. msci.com
IT ONLY TAKES ONE INDEX TO CAPTURE THE WORLD THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI ACWI Index, MSCI s flagship global equity benchmark, is designed to represent
More informationThe role of private pension in Homo-Hundred era
The role of private pension in Homo-Hundred era Many a little makes a mickle many a pixel makes a picture by Yvonne Sin Towers Watson 26 September 2013 Outline The retirement gap challenge The emerging
More informationWill Rising Interest Rates Pummel Your Portfolio?
Will Rising Interest Rates Pummel Your Portfolio? ULI Fall Meeting Chicago - November 2013 Dr. Richard Barkham, MRICS Global Research Director, Grosvenor Group Eileen Marrinan, CRE Director of Research,
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY
Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Approved Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation (the Regulation) defines
More informationINVEST WITH A GLOBAL LEADER
INVEST WITH A GLOBAL LEADER Since 1947, our firm has been dedicated to delivering exceptional asset management for our institutional, retail, and high-net-worth clients. By bringing together multiple,
More informationThe global leader in hospitality consulting
The global leader in hospitality consulting The Netherlands Hotel Market Sentiment Survey April 2018 SHARE OF RESPONDENTS BY LOCATION INTRODUCTION The Horwath HTL Global Hotel Market Sentiment Survey gives
More informationPatterns of Global Capital Flow
Patterns of Global Capital Flow Real Estate Capital Flows (from one continent to another) have been more than $100 billion in each of the last three years North America was the largest source of cross-regional
More informationGlobal. Real Estate Outlook. Jeremy Kelly Global Research. David Green-Morgan Global Capital Markets Research
Global Real Estate Outlook Jeremy Kelly Global Research David Green-Morgan Global Capital Markets Research Ben Breslau Director of Research, Americas 7 th February 2013 Global Real Estate Outlook Road
More informationCredit Suisse AG Appendix to USA PATRIOT Act Certification Credit Suisse AG, Dubai Branch The Gate, 9th Floor East, Dubai International Financial Centre Dubai/UAE Central Bank of the United Arab Emirates
More informationSumitomo Bank Capital Markets, Inc. The Sumitomo Bank of Canada. Banco Sumitomo Brasileiro S.A. Sumitomo Finance International plc
Sumitomo Bank Capital Markets, Inc. The Sumitomo Bank of Canada Banco Sumitomo Brasileiro S.A. Sumitomo Finance International plc PT Bank Sumitomo Indonesia Sumitomo International Finance Australia Limited
More informationComparative Analysis of Salaries in Investment Banking in Spain
Comparative Analysis of Salaries in Investment Banking in Spain November 2009 CONTENTS: Comparative Analysis of Salaries in the Investment Banking Sector 1 2 Executive Summary Data 3 Conclusions 4 The
More informationINVESTOR PRESENTATION
INVESTOR PRESENTATION December 18, 2018 Mark Harris, Chief Financial Officer Julie Creed, VP, Real Estate & Investor Relations 0 1 SAFE HARBOR STATEMENT Our presentation may contain forward-looking statements.
More informationInvestor Presentation
Investor Presentation May 2013 48,000 employees 200 offices 70 countries 1 global platform Table of Contents I. Company Description II. Global Growth Strategy III. Financial Overview IV. Appendix 2 Company
More informationDoes M&A insurance close the gap? German M&A and Private Equity Forum March Clemens Küppers Private Equity and M&A Practice
Does M&A insurance close the gap? German M&A and Private Equity Forum 2015 19 March 2015 Clemens Küppers Private Equity and M&A Practice Marsh & McLennan Companies delivers advice and solutions that help
More informationReveal. reward Global Total Remuneration report the hidden
Reveal the hidden reward Global Total Remuneration report 2011 Hay Group s Global Total Remuneration report provides a snapshot of reward packages of the average employee across 58 countries. The report
More informationThe State of the CIO in 2018
Chief Information Officer The State of the CIO in 2018 A Three-Year Study of a Rapidly Changing Role The onset of digital disruption and the ensuing shorter business cycles has dramatically changed the
More informationMerrill Lynch Banking & Insurance Conference
Merrill Lynch Banking & Insurance Conference October 8, 2008 London Brady W. Dougan, Chief Executive Officer Cautionary statement Cautionary statement regarding forward-looking and non-gaap information
More informationDevelopment Updates and Trends : Opportunities and Risks Local Details Operating for a Global Strategy
Development s and Trends : Opportunities and Risks Local Details Operating for a Global Strategy Claro dg. Cordero, Jr. Head Research, Consulting & Valuation Services 19 October 2012 1 Discussion agenda
More informationSupplemental Information Second-Quarter 2013 Earnings Call
Supplemental Information Second-Quarter 2013 Earnings Call Market & Financial Overview Q2 Capital Markets & Leasing Markets Volumes Strong Q2 for Capital Markets Q2 2013 v. Q2 2012 Market Volumes Capital
More informationHospitality & Leisure Corporate Governance Snapshot
2017 Hospitality & Leisure Corporate Governance Snapshot 2017 Hospitality and leisure corporate governance snapshot 1 header (section title) (remove when section header present) About Spencer Stuart board
More information2013 Global Survey of Accounting Assumptions. for Defined Benefit Plans. Executive Summary
2013 Global Survey of Accounting Assumptions for Defined Benefit Plans Executive Summary Executive Summary In broad terms, accounting standards aim to enable employers to approximate the cost of an employee
More informationHotels & Hospitality Group December Hotel Investor Sentiment Survey
Hotels & Hospitality Group December 2015 Hotel Investor Sentiment Survey 2 Hotels & Hospitality Group December 2015 Global Major Gateways Highlights Global transaction volume is up 28% through YTD November
More informationVersion number Effective date Person in charge Changes
0.Version Version number Effective date Person in charge Changes V1 9-Nov-11 SK V1.1 10-Nov-11 PV V1.2 11-Nov-11 PV V1.3 14-Nov-11 PV V1.4 1-Oct-12 ST Add Short-Term Student Research Assistants in Internal
More informationMay Global Growth Strategy
May 2012 Global Growth Strategy Jones Lang LaSalle Global Growth Strategy G1 G3 Build our local and regional leasing and capital markets businesses G5 Connections Capture the leading share of global capital
More informationCORPORATE PROFILE. Mitsui Sumitomo Insurance
CORPORATE PROFILE Mitsui Sumitomo Insurance Corporate Data ( As of March 31, 2017 ) Responsible for non-life insurance business, which is a core business of the MS&AD Insurance Group, Mitsui Sumitomo Insurance
More information2018 Global Survey of Accounting Assumptions. for Defined Benefit Plans. Executive summary
2018 Global Survey of Accounting Assumptions for Defined Benefit Plans Executive summary Executive summary In broad terms, accounting standards aim to enable employers to approximate the cost of an employee
More informationVontobel Summer Conference
Pierre L. Ozendo Member of the Executive board Head of Asia Division Cautionary note on forward-looking statements Slide 2 Certain statements contained herein are forward-looking. These statements provide
More informationInvestors View. How Boards Can Prepare for the 2018 Proxy Season
Board Services Investors View How Boards Can Prepare for the 2018 Proxy Season Boards looking ahead to the 2018 proxy season should prepare for unprecedented scrutiny. Institutional investors and activist
More informationWilliam Blair Growth Stock Conference
June 2012 William Blair Growth Stock Conference..45,500 employees.200 offices.70 countries.1 global platform... Leading Brand Well Positioned for Growth Market Trends Emerging markets to lead global expansion
More informationConnecting Global Business Opportunities Successfully Through Cross Border Referrals
Connecting Global Business Opportunities Successfully Through Cross Border Referrals CHRIS DIETZ Executive Vice President, Global Operations Leading Real Estate Companies of the World London/UK AGENDA
More informationChallenges for Today s Short-Term Assignments
Point of view Challenges for Today s Short-Term Assignments Consulting. Outsourcing. Investments. Why is there an increasing trend for short-term assignments? What are the current challenges? How do companies
More informationFOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION AND NOT FOR USE BY RETAIL INVESTORS
A Global View June 2018 Andy Schofield, Director of Research FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION AND NOT FOR USE BY RETAIL INVESTORS. PLEASE REFER TO DISCLOSURE PAGE FOR IMPORTANT
More informationSupplemental Information Earnings Call
Supplemental Information Earnings Call Fourth-Quarter 2015 Market volume & outlook JLL Research Investment volumes remain solid; outlook steady Market Volumes Actual Forecast Capital Markets (1) LC USD
More informationChanges to Hedge Fund Disclosure and Reporting Obligations
22 January 2014 Practice Groups: Investment Management Changes to Hedge Fund Disclosure and Reporting Obligations By Jim Bulling, Daniel Knight and Julia Baldi In October 2013, the Australian Investment
More informationThe Global Green Finance Index 1 Summary Report
The Global Green Finance Index 1 Summary Report MARCH 2018 Foreword Introduction Over the last 24 years of conservation philanthropy, the MAVA Foundation has supported more than 850 projects to bring human
More information2017 Financial Highlights
2017 Financial Highlights The Strength To Support You TransRe is one of the world s leading property and casualty reinsurers. For forty years we have delivered the expertise, creativity and capacity needed
More informationA short history of debt
A short history of debt In the words of the late Charles Kindleberger, debt/financial crises are a hardy perennial we have been here many times before. Over the past decade and a half the ratio of global
More informationGLOBAL HOTEL MARKET SENTIMENT SURVEY INTRODUCTION. February 2009
GLOBAL HOTEL MARKET SENTIMENT SURVEY February 2009 INTRODUCTION SHARE OF RESPONDENTS 6% BY REGION 44% The Horwath HTL Global Hotel Market Sentiment Survey has been designed to provide the global hotel
More informationGlobal Aging and Retirement Security in Emerging Markets:
Global Aging and Retirement Security in Emerging Markets: Reassessing the Role of Funded Pensions Richard Jackson President Global Aging Institute August 12, 2015 AMCHAM Chile Santiago, Chile The world
More informationCross-border Capital. Home Bias: Is the Phenomenon Still Relevant to the Asia Pacific Real Estate Capital Market? Research Report March 2015
Cross-border Capital Research Report March 2015 Home Bias: Is the Phenomenon Still Relevant to the Asia Pacific Real Estate Capital Market? Investment Highlights Chinese investors completed an aggregate
More informationFTSE Global Equity Index Series
FTSE Global Equity Index Series THE FTSE GLOBAL EQUITY INDEX SERIES With an unparalleled record of flexibility, transparency, consistent accuracy and the ability to meet any mandate, FTSE indices are already
More informationIndependent Contractor Issues after SB 459 Presented by Daniel B. Pasternak. 37 Offices in 18 Countries
Independent Contractor Issues after SB 459 Presented by Daniel B. Pasternak 37 Offices in 18 Countries 10/18/2012 What are Independent Contractors? No set definition but typically a worker who contracts
More informationKunlun Energy(135.HK)
Kunlun Energy(135.HK) Natural gas business outlook remains optimistic Bloomberg Reuters POEMS 0135 HK 0135.HK 0135.HK Industry: Oil & Gas Annual report review Rating: Buy Closing price:15.46 Target price:18.54
More informationSupplemental Information Earnings Call Third-Quarter 2015
Supplemental Information Earnings Call Third-Quarter 2015 Q3 2015 Market Volume & Outlook JLL Research Investment Volumes Remain Strong; Outlook Steady Market Volumes Capital Markets (1) (in USD) Americas
More informationFinancial wealth of private households worldwide
Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate
More information2015 MERCER BENEFITS ANALYSIS REVIEW
2015 MERCER BENEFITS ANALYSIS REVIEW Definitions Top Management (Top Mgt) Management (Mgt) Professionals (Prof) Staff (Staff) Employees with roles such as Head of rganization, Function Heads. Typical Career
More informationStrong performance for real estate assets
Strong performance for real estate assets Annualized returns, United States, 212 Percent 2 18 16 14 1 year 1 year 12 1 8 6 4 2 REITs Equities Real property Govt bonds CPI T-bills Sources: CBRE, NCREIF.
More information2016 FULL YEAR RESULTS. February 28th, 2017
2016 FULL YEAR RESULTS February 28th, 2017 INTRODUCTORY MATERS Forward-Looking Information This document contains certain forward-looking statements which speak only as of the date on which they are made.
More informationCBRE RESEARCH R E A L E S TAT E M A R K E T O U T LO O K
R E A L E S TAT E M A R K E T O U T LO O K TABLE OF CONTENT PAGE 05 PAGE 07 Softer growth ahead PAGE 13 PAGE 20 Workplace efficiency will be key Creating the total retail experience 2 TABLE OF CONTENT
More informationFortune Real Estate Investment Trust (778.HK)
Fortune Real Estate Investment Trust (778.HK) Positive impact from acquisition of Kingswood Ginza Property Bloomberg Reuters POEMS 0778.HK 0778.HK 0778.HK Industry: Real Estate Investment Trust Rating:
More informationHALF YEAR RESULTS PRESENTATION 2018 RESULTS FOR THE SIX MONTHS ENDED 31 MAY 2018
HALF YEAR RESULTS PRESENTATION 2018 RESULTS FOR THE SIX MONTHS ENDED 31 MAY 2018 2018 Overview Encouraging first half performance with accelerated momentum in Q2 Adjusted operating profit +6% to 20.4m
More informationU.S.-KOREA FTA: Unlocking Opportunities in Korea
U.S.-KOREA FTA: Unlocking Opportunities in Korea FTA, FDI and Korea U.S.-KOREA FTA: Changes in Korea s Investment Regime Korea: Your Business Destination Invest KOREA FTA, FDI and Korea FTA: A bilateral
More informationSal. Oppenheim European Financial Conference
Sal. Oppenheim European Financial Conference Zurich November 20, 2007 Renato Fassbind, Chief Financial Officer Cautionary statement Cautionary statement regarding forward-looking and non-gaap information
More informationQuarterly Report. Q Financial Highlights QUARTERLY REPORT
Quarterly Report Q1 2018 Financial Highlights QUARTERLY REPORT 1 Table of Contents 2018 Highlights Strength To Support You Financial Highlights Strong, Diverse, Underwriting Contacts 3 4 5 8 9 QUARTERLY
More informationIslamic Finance News Forum London, October 17 th, Christine Chardonnens MSCI Barra
Islamic Finance News Forum London, October 17 th, 2008 Christine Chardonnens MSCI Barra Islamic Indices 1. Construction and methodology highlights, including dividend purification 2. Performance and risk
More informationCROSS BORDER INVESTMENTS AND FINANCINGS. Vivian Lam, Partner, Paul Hastings
CROSS BORDER INVESTMENTS AND FINANCINGS Vivian Lam, Partner, Paul Hastings OVERVIEW OF CHINA S DIRECT INVESTMENT AND CONSTRUCTION CONTRACTS ALONG THE BELT AND ROAD 2 The total value of China s direct investment
More informationChinaGas(HK.0384) Phillip Securities Phillip Securities Research
Short-term investment requires adjustment and long-term depends on potential Bloomberg Reuters POEMS 0384 HK 0384.HK 0384.HK Industry: Oil & Gas Annual report review Rating: Accumulate Closing price: 7.34
More informationSeamless Corporate & Trust Services in China
Seamless Corporate & Trust Services in China About Vistra Ranked among the top four corporate service providers globally, Vistra is a versatile group of professionals, providing a uniquely broad range
More informationGMO. CFA Society, Victoria. September 30, Arjun Divecha. North America Europe Asia-Pacific
North America Europe Asia-Pacific CFA Society, Victoria September 30, 2010 Arjun Divecha Proprietary information not for distribution beyond intended recipient. Overview San Francisco Boston London Zurich
More informationAsia Pacific Capital Markets Research Report Australia and non-core markets drive total APAC JV transaction volume up 4% y-o-y
Joint Venture Deals Asia Pacific Capital Markets Research Report April 2015 Why Are Joint Venture Deals Rising in Asia Pacific? Investment Highlights APAC JV transaction volume rose 4% y-o-y to reach US$12.9
More informationTel Fax . (a) Exchange company, clearing house, exchange controller, automated trading provider
For Office Use Only: NOVA A/C# CLSA Group: Account Application Form Corporate/Institutional Clients Note: Any changes or updates to the information provided in this Account Application Form, together with
More informationEQUITY REPORTING & WITHHOLDING. Updated May 2016
EQUITY REPORTING & WITHHOLDING Updated May 2016 When you exercise stock options or have RSUs lapse, there may be tax implications in any country in which you worked for P&G during the period from the
More informationQ3 sales growth exceeded expectation
Samsonite International SA(1910.HK) Q3 sales growth exceeded expectation HONG KONG CONSUMING COMPANY RESULTS Rating: Accumulate The sales volume of the third quarter in 2014 has indicated that the Q3 sales
More informationGDP projections for major economies
GDP projections for major economies 214-215 214 215 Australia 2.6% 2.7% Emerging markets 4.9% 5.2% Euro area 1.2% 1.5% Japan 1.4% 1.% United Kingdom 2.9% 2.5% United States 2.8% 3.% Source: IMF WEO. BRIC
More informationTrade Risk Mitigation. Michelle Hui Managing Director Head of Trade and Supply Chain Finance - APAC BNY Mellon
Trade Risk Mitigation Michelle Hui Managing Director Head of Trade and Supply Chain Finance - APAC BNY Mellon BNY Mellon Global Footprint BNY Mellon s global presence comprises a large network of branches,
More informationComparison of the UK and Italian Hotel Investment Market. March March
Comparison of the UK and Italian Hotel Investment Market March 2005 March 2005 0 Historic liquidity of the European Hotel Investment Market The UK is the most liquid market of the European hotel investment
More informationLIBERTYQ GLOBAL DIVIDEND INDEX
INDEX METHODOLOGY LIBERTYQ GLOBAL DIVIDEND INDEX June 2017 JUNE 2017 CONTENTS 1 Introduction... 3 2 Index Construction Methodology... 4 2.1 Defining the Eligible Universe... 4 2.1.1 Applying the Dividend
More informationFranshion Property(817.HK)
Franshion Property(817.HK) Low visibility of sales growth in 2014 Bloomberg Reuters POEMS 817.HK 817.HK 817.HK Sector: Property Strategic Analysis Rating:Neutral CP:2.28 TP:2.30 Summary Franshion Properties,
More informationGlobal Real Estate Transparency Index, 2018 Transparency in 158 Cities. Global Research
Global Real Estate Transparency Index, 2018 Transparency in 158 Cities Global Research 2 Transparency in 158 Cities 2018 Real estate transparency - a key ingredient of city success Recent JLL research
More informationRW Baird 2011 Business Solutions Conference
HUDSON HIGHLAND GROUP RW Baird 2011 Business Solutions Conference February 24, 2011 Forward Looking Statement Please be advised that except for historical information, the comments made during this presentation
More informationCLAIMANT S STATEMENT AND AUTHORIZATION
INDIANA LAW REQUIRES US TO NOTIFY YOU OF THE FOLLOWING: A person who knowingly and with intent to defraud an insurer files a statement of claim containing any false, incomplete or misleading information
More informationWhat is executive remuneration in high definition?
Executive remuneration in high definition Article one a high definition approach to relative TSR Our latest series of papers turns a high definition lens to different aspects of executive reward. This
More informationIS YOUR TAX STRUCTURE
IS YOUR TAX STRUCTURE STATE AID PROOF? CONTENTS 1 2 3 4 5 6 What is EU State Aid? Do EU State Aid rules apply? Potential impact of EU State Aid rules What do you need to do? Meeting your needs DLA Piper
More informationEnvironmental insurance solutions
Environmental insurance solutions for Asia Pacific and beyond Doesn t my liability insurance cover pollution? Facing up to environmental risk With the pace and breadth of legislation and regulatory change
More informationSeeking Diversification Through Emerging Markets July 2009
Seeking Diversification Through Emerging Introduction The ongoing shakeout in global markets has had far-reaching consequences for equities across the world. For developed market investors seeking diversification
More informationTemporary downturn in North America reduces earnings. Full year forecast remains.
BTS Group AB (publ) Interim Report January 1 March 31, Q1 Temporary downturn in North America reduces earnings. Full year forecast remains. Net turnover amounted to MSEK 146.2 (167.3). Adjusted for changes
More informationReal Estate : Major trends and outlook October 2015
Real Estate : Major trends and outlook October 2015 Major real estate trends and outlook 1) First the good news 2) China versus local property investors elsewhere in the world 3) The housing markets in
More informationGlobal Sourcing: Destination Australia
Global Sourcing: Destination The World Webinar Series Global Sourcing: Destination Australia June 21, 2006 Suresh Gundappa, neoit Anne-Marie Allgrove, Baker & McKenzie Anthony Foley, Baker & McKenzie Paul
More informationTransRe Financial Highlights. TransRe 2018 Financial Highlights
TransRe 2018 Financial Highlights TransRe 2018 Financial Highlights 1 Table of Contents The Strength To Support You Ratings & Values Balance Sheet Highlights Underwriting Highlights Strength & Diversity
More informationEarnings increased by 61 percent during the first quarter
BTS Group AB (publ) Interim Report January 1 March 31, Q1 Vision The global leader in accelerating strategic alignment and execution innovating how organizations learn, change and improve. Earnings increased
More informationGlobal Consumer Confidence
Global Consumer Confidence The Conference Board Global Consumer Confidence Survey is conducted in collaboration with Nielsen 4TH QUARTER 2017 RESULTS CONTENTS Global Highlights Asia-Pacific Africa and
More informationOctober MYTHS ABOUT FRANCE
October 2007 10 MYTHS ABOUT FRANCE Myth N 1:«Once a world power, France is now on the decline.» Reality: World s 6 th largest economic power at the heart of a 493 million strong consumer market in 2006
More informationCompetitive Alternatives. Special Report: Focus on Tax Edition. competitivealternatives.com. Corporate Sponsors
Competitive Alternatives Special Report: Focus on Tax 2012 Edition competitivealternatives.com Corporate Sponsors ii Competitive Alternatives 2012 Contents 1. Summary 1 2. Measuring Total Tax Costs 6 3.
More information